Market insight

By Timos Papadimitriou, SnP Broker

While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even speculate that 2021 will be a better year, even if the bar is set too low given to “what went down” last year.

The reality is that positive signs especially for the dry bulk market were seen as early as last summer when the market was slowly showing signs of better days to come. It took some time for shipowners to assimilate the possibility that we are heading towards better days - and nobody can blame them for being sceptical - but the increase on second hand transactions is the most obvious vote of confidence.

If we make a comparison between the number of transactions that material-ized during the second half of 2019 and 2020, it is clear that despite the mar-ket challenges and uncertainty, investors' confidence remained strong during 2H2020 with second hand deals being up by 18% compared to last year transactions with the most notable acceleration taking place during Decem-ber.

Of course, this is not the first time that the dry bulk transactions have experi-enced increased activity. What makes this period different compared to the previous time in my opinion is that it's not only sentiment driven.

Dry Bulk commodity prices have recently experienced an inflection to multi-year highs, amid increased demand after the market got used to a COVID-19 reality. The weather played its part with record low temperatures which favoured coal demand but also created congestion at discharging ports, on top of China’s coal import restrictions from Australia.

Adding to this mix the fact that we expect fleet growth to remain subdued in the next 2 years, it does not take much for the demand - supply balance to improve.

So now we have a perfect storm and this time the storm is working for the market’s favor. It has been a while since the last time this has happened.

It's normal to expect that eventually new building contracting activity will increase but this will only start taking place once second hand values reach levels that are not sustainable. For now, second hand vessels make sense, and let's hope that owners will not rush to NBs as they have done in the past.

Not leaving sentiment out of the equation, we could also speculate that the positive effect expected by the Regional Comprehensive Economic Partner-ship which is expected to largely influence the container market will rub off to the dry market as well.

Overall, things are looking up and if the order book stays in check the market will do more than just ok in the years to come.

Chartering (Wet: Softer / Dry: Firmer)

The rally of the dry bulk rates continued last week, with T/C earnings for the Capesize sector outperforming the rest of the market. Sentiment keeps improving with notable premiums over last dones levels surfacing in the period market as well. The BDI today (19/01/2021) closed at 1,766 points, up by 26 point compared to Monday’s (18/01/2021) levels and decreased by 83 points when compared to previous Tuesday’s clos-ing (12/01/2021). There was another disappointing week in the Crude carrier market. Pressure keeps mounting amidst increased competition among vessels looking for cover and shortage of fresh cargoes in the market. The BDTI today (19/01/2021) closed at 496, a decrease of 9 points, and the BCTI at 468, an increase of 27 point compared to previ-ous Tuesday’s (12/01/2021) levels.

Sale & Purchase (Wet: Firmer / Dry: Firmer)

The secondhand market has seen an impressive number of deals con-cluding during the first two weeks of 2021. A plethora of dry bulk and tanker units have changed hands with owners' interest concentrating across all different sizes. In the tanker sector, we had the sale of the “HUDSON” (297,638dwt-blt ‘17, Philippines), which was sold to Greek owner, Delta Tankers, for a price in the region of $71.5m. On the dry bulker side sector, we had the sale of the “OCEAN COM-PASS” (180,200dwt-blt ‘06, Japan), which was sold to Greek owner, Pavimar, for a price in the region of $17.5m.

Newbuilding (Wet: Stable+ / Dry: Stable-)

The list of freshly reported newbuilding orders has been getting longer week by week with the non-conventional units gathering a notable share of the recently concluded deals. In the case of tankers, Greek ap-petite remains unaffected by the poor outlook in the crude carrier freight market; last week two VLCC and one Suezmax unit were ordered by Latsco Shipping and Avin International, respectively. In the dry bulk sector, Kamsarmax units monopolized buyer’s interest with three units being ordered by Chinese owners. At the same time, Gas carrier units attracted a lot of interest, with a total of five LPG vessels (four VLGC) being ordered last week. Lastly, Chinese owner Taican Container Lines, secured an order of three Container feeder units at Tsuneishi Zhoushan, for a price of $20.0m each.

Demolition (Wet: Softer / Dry: Softer)

During the course of the past week, activity in the demolition market was slow; demo transactions were limited with the supply of candidates being at low numbers while scrap values witnessed discounts across all main demo destinations. Indeed, a moderate approach was adopted by cash buyers with Bangladeshi breakers reducing their offered bids by around $25/ldt. Indian cash buyers saw local steel plate prices losing ground last week; scrap prices remained at the lowest levels in the sub-continent region while no sales were reported last week. Pakistani breakers are still offering high bids, however, with supply at low levels, it was not a surprise to see limited activity in the region. Along the same lines, the Turkish market witnessed a slowdown with scrap prices losing some value. Average prices in the different markets this week for tank-ers ranged between 270-450/ldt and those for dry bulk units between $265-440/ldt.

Weekly Market Report

Issue: Week 02 |Tuesday 19th January 2021

Month Units Month Units

July 52 July 57

August 67 August 39

September 61 September 54

October 53 October 94

November 45 November 59

December 42 December 76

2019

Number of Dry Bulk Sales

2020

© Intermodal Research 19/01/2021 2

2019 2018

WS

points$/day

WS

points$/day $/day $/day

265k MEG-SPORE 34 5,701 41 13,127 -56.6% 45,517 20,265

280k MEG-USG 19 -10,249 21 -7,605 -34.8% 35,659 5,635

260k WAF-CHINA 33 4,150 38 10,276 -59.6% 41,077 18,362

130k MED-MED 55 4,501 58 6,630 -32.1% 30,857 20,320

130k WAF-UKC 39 -1,958 37 -1,850 -5.8% 25,082 11,031

140k BSEA-MED 59 -1,559 59 -515 -202.7% 30,857 20,320

80k MEG-EAST 60 -4,248 62 -2,911 -45.9% 24,248 12,563

80k MED-MED 69 -2,555 70 -1,675 -52.5% 25,771 18,589

100k BALTIC/UKC 63 3,647 59 2,606 39.9% 25,842 14,943

70k CARIBS-USG 82 1,901 89 5,345 -64.4% 20,886 19,039

75k MEG-JAPAN 83 6,367 82 6,569 -3.1% 22,050 11,119

55k MEG-JAPAN 83 3,615 80 3,476 4.0% 15,071 8,449

37K UKC-USAC 104 3,535 110 5,168 -31.6% 12,367 7,529

30K MED-MED 111 1,077 87 -4,456 124.2% 14,008 5,487

55K UKC-USG 64 -1,196 71 280 -527.1% 15,960 9,527

55K MED-USG 64 -1,155 71 304 -479.9% 15,327 9,059

50k CARIBS-USG 88 1,143 87 1,554 -26.4% 18,781 10,637

Dir

tyA

fram

axC

lean

VLC

CSu

ezm

ax

Spot Rates

Vessel Routes

15-Jan-21 08-Jan-21$/day

±%

Jan-21

avg

Dec-20

avg±% 2019 2018 2017

300KT DH 64.3 63.5 1.3% 69.6 64.5 62.0

150KT DH 44.0 43.0 2.3% 49.0 43.8 41.4

110KT DH 33.8 33.5 1.0% 37.1 32.1 30.4

75KT DH 29.0 29.0 0.0% 31.5 29.6 27.6

52KT DH 26.0 24.5 6.1% 28.5 26.6 23.4

VLCC

Suezmax

Indicative Market Values ($ Million) - Tankers

Vessel 5yrs old

MR

Aframax

LR1

Chartering

Earnings kept moving south in the crude carrier market last week. A tighter tonnage list across all sectors coupled with limited fresh cargoes led to reduced rates in most business routes with VLCC average earnings under-performing the rest of the sizes. Overall, average T/C earnings of all seg-ments dropped below zero with increased bunker prices adding further pressure on them.

The stark supply/demand mismatch dominated the VLCC market for anoth-er week. Rates across all regions suffered discounts with the Middle East and West Africa tonnage demand being almost muted. All in all, average T/C earnings lost $5,074 per day and formed at the $-3,543 per day mark.

In the Suezmax realm, rates remained static at levels that concur with the low numbers we have been observing during the past weeks. There were decreases on average earnings across both Black Sea and Middle East mar-kets; however, West Africa front saw an increase in WS rates for business destined to Continent with tonnage list losing some of its volume. In the Aframax sector, with the exception of the Baltic market which saw an in-crease of WS 3.7 points w-o-w, the rest of the business routes lost further ground with the Caribs market suffering the most.

Sale & Purchase

In the VLCC sector we had the sale of the “HUDSON” (297,638dwt-blt ‘17, Philippines), which was sold to Greek owner, Delta Tankers, for a price in the region of $71.5m.

In the MR sector we had the sale of the “LEOPARD” (47,991dwt-blt ‘10, Japan), which was sold to Greek owner, Spring Marine, for a price in the region of low $13.0m.

Tanker Market

0

100

200

300

400

500

WS

po

ints

DIRTY - WS RATESTD3 TD6 TD9

15-Jan-21 08-Jan-21 ±% Diff 2019 2018

300k 1yr TC 24,250 24,250 0.0% 0 37,462 25,394

300k 3yr TC 28,000 28,000 0.0% 0 35,777 31,306

150k 1yr TC 16,500 16,500 0.0% 0 26,808 17,668

150k 3yr TC 22,600 22,600 0.0% 0 25,988 21,743

110k 1yr TC 15,750 15,750 0.0% 0 21,990 15,543

110k 3yr TC 19,500 19,500 0.0% 0 22,426 18,532

75k 1yr TC 14,000 14,000 0.0% 0 16,635 13,192

75k 3yr TC 15,750 15,750 0.0% 0 16,916 15,032

52k 1yr TC 12,250 11,750 4.3% 500 15,269 13,721

52k 3yr TC 13,750 13,750 0.0% 0 16,181 15,065

36k 1yr TC 11,500 11,500 0.0% 0 13,856 12,264

36k 3yr TC 13,250 13,250 0.0% 0 13,753 13,431

VLCC

Suezmax

Aframax

TC Rates

$/day

Panamax

MR

Handy

0

150

300

450

600

750

WS

po

ints

CLEAN - WS RATESTC1 TC2 TC5 TC6

12 mos "THUNDERCAT" 2008 108,942 dwt

$14,000/day Shell

12 mos "ELECTA" 2009 51,118 dwt

$12,400/day Trafigura

Indicative Period Charters

© Intermodal Research 19/01/2021 3

Chartering

The dry bulk market continued to firm counter seasonally last week, with Cape5TC increasing +40.3% w-o-w at 3 month highs of $26.4k/day, before correcting to $24k/day by the end of the week. The FFA curve was also pushed upwards but corrected later in the week. Congestion at Chinese ports at multi-year high levels on the back of icy weather and a thin ballas-ters list to the Atlantic has been underpinning rates. Of note is that the transatlantic Capesize premium to the Pacific RV has surged this week to the highest level since July 2020, currently at $12,255/day and while this might incentivize an increase in ballasters past Singapore, increased con-gestion and lower speeds is likely to delay the wave.

A fire broke at a VLOC Pier 4 in PDM late last week, but is not expected to impact iron ore shipments, while cyclone Kimi in Australia has been down-graded to a tropical low this week, but congestion at Australian ports is reported elevated.

Panamax rates increased approx. 11.0% w-o-w. Momentum slowed down by the mid of the week on reduced Continent demand, as well as ECSA for 1H of February. Indo/China coal was supported by decade low tempera-tures in Northern China and rising coastal coal freight provided support. The market was very active in the Indian ocean but slowed down by the end of the week, nevertheless tonnage continues to be tight.

Supramax rates rose +4.0% w-o-w. Market in the Pacific remained firm on strong coal demand as well as minor bulk cargoes. The Atlantic was tight with large coal flows out of the Baltic, while the S. Atlantic continued to firm up.

Sale & Purchase

In the Capesize sector we had the sale of the “OCEAN COMPASS” (180,200dwt-blt ‘06, Japan), which was sold to Greek owner, Pavimar, for a price in the region of $17.5m.

In the Panamax sector we had the sale of the “AURILIA” (74,414dwt-blt ‘07, China), which was sold to Chinese buyers, for a price in the region of $8.1m.

-500

1,000

2,500

4,000

5,500

Ind

ex

Baltic Indices

BCI BPI BSI BHSI BDI

0

10000

20000

30000

40000

50000$

/da

y

Average T/C Rates

Average of the 4 T / C AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI

Jan-21 avg Dec-20 avg ±% 2019 2018 2017

180k 25.7 25.3 1.7% 30.3 35.3 31.1

82K 22.7 22.0 3.0% 24.0 23.7 21.0

63k 18.4 17.8 3.8% 22.3 - -

32K 11.5 11.5 0.0% 13.2 15.5 13.0

Capesize

Kamsarmax

Ultramax

Indicative Market Values ($ Million) - Bulk Carriers

Vessel 5 yrs old

Handysize

Indicative Period Charters

-7 to 9 mos - 'BALTIMORE' 2005 177,243 dwt

- CJK 25-31/Dec - $13,500/day - Koch

-4 to 6 mos - 'BEAUTY PEONY' 2015 63,587 dwt

- Singapore 22-23/Dec - $11,500/day - cnr

Dry Bulk Market

Index $/day Index $/day Index Index

BDI 1,754 1,606 148 1,344 1,349

BCI 2,893 $23,989 2,548 $21,131 345 13.5% 2,239 2,095

BPI 1,616 $14,545 1,559 $14,031 57 3.7% 1,382 1,451

BSI 1,086 $11,951 1,029 $11,322 57 5.6% 877 1,030

BHSI 653 $11,745 656 $11,805 -3 -0.5% 490 597

Baltic Indices

Point

Diff

2019 2018$/day

±%

15/01/2021 08/01/2021

180K 6mnt TC 19,250 19,000 1.3% 250 18,839 19,758

180K 1yr TC 18,000 17,500 2.9% 500 17,397 19,575

180K 3yr TC 15,750 15,750 0.0% 0 15,474 17,912

76K 6mnt TC 13,250 13,000 1.9% 250 12,147 13,224

76K 1yr TC 12,250 12,000 2.1% 250 12,080 13,513

76K 3yr TC 11,250 11,000 2.3% 250 11,931 12,710

58K 6mnt TC 12,250 11,750 4.3% 500 11,493 13,142

58K 1yr TC 11,750 11,500 2.2% 250 11,344 12,984

58K 3yr TC 9,250 9,250 0.0% 0 10,883 12,267

32K 6mnt TC 9,750 9,500 2.6% 250 9,152 10,787

32K 1yr TC 9,500 9,250 2.7% 250 9,291 10,594

32K 3yr TC 8,250 8,250 0.0% 0 9,291 9,200

Period

2018

Pa

na

ma

xS

up

ram

ax

15/01/2021 08/01/2021

Ca

pe

size

2019$/day ±% Diff

Ha

nd

ysi

ze

© Intermodal Research 19/01/2021 4

Secondhand Sales

Size Name Dwt Built Yard M/E SS due Hull Price Buyers Comments

VLCC HUDSON 297,638 2017 HHIC, Phi l ippines MAN-B&W Jun-22 DH $ 71.5mGreek (Delta

Tankers )

BWTS & scrubber

fi tted

VLCC SINO MACRO 311,168 1999HYUNDAI HI, S.

KoreaB&W Dec-22 DH $ 20.5m Chinese

AFRAESTEEM

BRILLIANCE110,802 2006

MITSUI CHIBA,

JapanMAN-B&W Aug-21 DH $ 13.2m European

AFRA STI LOMBARD 109,999 2015 DAEHAN, S. Korea MAN-B&W Aug-25 DH

MR STI OSCEOLA 49,990 2015HYUNDAI MIPO,

South KoreaMAN-B&W Apr-25 DH

MR STI MEMPHIS 49,995 2014 SPP, S. Korea MAN-B&W Nov-24 DH

MR STI SOHO 49,990 2014 SPP, S. Korea MAN-B&W Dec-24 DH

MR LEOPARD 47,991 2010IWAGI ZOSEN,

JapanMAN-B&W Mar-23 DH low $13.0m

Greek (Spring

Marine)

MR FSL OSAKA 45,998 2007SHIN KURUSHIMA,

JapanMitsubishi Aug-22 DH low $11.0m Indones ian

MRANICHKOV

BRIDGE47,842 2003

HYUNDAI MIPO,

South KoreaMAN-B&W Nov-23 DH undisclosed UAE based

HANDY ARGENT BLOOM 33,609 2009 KITANIHON, Japan Mitsubishi Jan-24 DH $ 19.2m

HANDY LIBERTY 33,609 2009 KITANIHON, Japan Mitsubishi Sep-23 DH $ 19.2m

SMALL CHEMROUTE SUN 25,615 2008SHIN KURUSHIMA,

JapanMitsubishi Jul -22 DH $ 15.2m

UK based

(Tufton Oceanic)IMO II/II I

SMALL OCEAN HAWK 9,010 2007YANGZHOU KEJIN,

ChinaYanmar Mar-21 DH $ 3.1m Far Eastern bank sa le

SMALLBRO

DISTRIBUTOR14,907 2006 JINLING, China MAN Sep-21 DH

SMALL BRO DESIGNER 14,846 2006 JINLING, China MAN Jun-21 DH

SMALL BRO DELIVERER 14,766 2006 JINLING, China MAN Apr-21 DH

SMALL BRO DEVELOPER 14,737 2007 JINLING, China MAN Feb-22 DH

Tankers

Indones ian

(BULL)cash & shares dealundisclosed

$ 32.0m

Chinese (AVIC

International

Leas ing)

sa le & leaseback

Norwegian (EGD

Chimcal )StSt

© Intermodal Research 19/01/2021 5

Secondhand Sales

Size Name Dwt Built Yard M/E SS due Gear Price Buyers Comments

CAPE OCEAN COMPASS 180,200 2006 IMABARI, Japan MAN-B&W Mar-21 $ 17.5m Greek (Pavimar) BWTS fi tted

CAPE TIGER JIANGSU 180,096 2010QINGDAO BEIHAI,

ChinaMAN-B&W Jan-21 $ 15.35m Chinese (EPGN) auction sa le

CAPE PING MAY 178,043 2010SHANGHAI

JIANGANG, ChinaMAN-B&W Aug-20 rgn $ 20.0m Chinese

CAPE LIN JIE 177,359 2003 NAMURA, Japan Mitsubishi May-23 $ 8.8m undisclosed

CAPECAPE

PROVIDENCE169,234 2010 DAEHAN, S. Korea MAN-B&W Oct-20 $ 18.1m Greek (Interunity) auction sa le

CAPE JABAL NAFUSA 169,097 2011 DAEHAN, S. Korea MAN-B&W Jan-21 $ 15.65m Greek BWTS on order

PMAX HORIZON RUBY 76,001 2013HUDONG-

ZHONGHUA, ChinaMAN-B&W Apr-23

excess $

14.0mChinese

PMAX AURILIA 74,414 2007HUDONG-

ZHONGHUA, ChinaMAN-B&W Oct-22 $ 8.1m Chinese

SMAX IRON LADY V 57,295 2011 STX DALIAN, China MAN-B&W Jan-214 X 30t

CRANES$ 8.125m Chinese

SMAX SAM LION 57,200 2012 STX, S. Korea MAN-B&W Oct-224 X 30t

CRANES$ 10.5m Chinese auction sa le

SMAX NORDIC TIANJIN 56,812 2012YANGZHOU GUOYU,

ChinaWarts i la Jun-22

4x36.0,

4x12.0high $ 9.0m undisclosed

SMAX CORDELIA B 56,617 2011 QINGSHAN, China MAN-B&W Mar-214 X 30t

CRANESlow $ 8.0m Chinese

HANDY MICHEL SELMER 33,694 2010 SAMJIN, China MAN-B&W Nov-204 X 35t

CRANESlow $ 6.0m Greek

HANDY CAPE NELSON 28,438 2001 KANDA, Japan Mitsubishi Mar-214 X 30,5t

CRANES$ 3.5m Hong Kong based

Bulk Carriers

© Intermodal Research 19/01/2021 6

Secondhand Sales

Size Name Teu Built Yard M/E SS due Gear Price Buyers Comments

POST

PMAXMSC ROMA 9,178 2006

SAMSUNG, S.

KoreaMAN-B&W Dec-21 undisclosed

POST

PMAX

MAERSK

KAMPALA6,802 2001

HYUNDAI, S.

KoreaSulzer May-21

German (Berhard

Schulte)

PMAX MAERSK KALMAR 6,690 1998ISHIKAWAJIMA-

HARIMA, JapanSulzer Jun-23

PMAX MAERSK KIMI 6,690 1998ISHIKAWAJIMA-

HARIMA, JapanSulzer Jul -23

PMAX HALIFAX EXPRESS 4,843 2000HYUNDAI, S.

KoreaMAN-B&W Nov-20 Taiwanese

PMAX TIM S 3,398 2005 HANJIN, S. Korea MAN-B&W Oct-20 $ 10.1m undisclosed

SUB

PMAXMAERSK PENANG 2,890 1998

KVAERNER

WARNOW,

Germany

B&W Jun-23

SUB

PMAX

MAERSK

PALERMO2,890 1998

KVAERNER

WARNOW,

Germany

B&W Sep-23

SUB

PMAXANGELES 2,872 2010 YANGFAN, China MAN-B&W Apr-25

SUB

PMAXANGOL 2,872 2010 YANGFAN, China MAN-B&W Mar-25

SUB

PMAXLYDIA 2,702 2009

HDW GMBH,

GermanyMAN-B&W Jan-24 undisclosed

Greek (Technomar

Shipmanagement)

Greek (Conbulk

Shipmanagement)

rgn $ 20.0mGreek (Lomar

Shipping)

Containers

Type Name Dwt Built Yard M/E SS due Cbm Price Buyers Comments

GAS LNG PIONEER 77,712 2005 DAEWOO, S. Korea Kawasaki Jul -20 138,000 $ 37.0m Chinese

GAS ORIENTAL QUEEN 53,194 2004 UNIVERSAL, Japan B&W Nov-22 80,874 $ 37.5m UAE based

Gas/LPG/LNG

© Intermodal Research 19/01/2021 7

The list of freshly reported newbuilding orders has been getting longer week by week with the non-conventional units gathering a notable share of the recently concluded deals. In the case of tankers, Greek appetite remains unaffected by the poor outlook in the crude carrier freight market; last week two VLCC and one Suezmax unit were ordered by Latsco Shipping and Avin International, respectively. In the dry bulk sector, Kamsarmax units monopo-lized buyer’s interest with three units being ordered by Chinese owners. At the same time, Gas carrier units attracted a lot of interest, with a total of five LPG vessels (four VLGC) being ordered last week. Lastly, Chinese owner Tai-can Container Lines, secured an order of three Container feeder units at Tsuneishi Zhoushan, for a price of $20.0m each.

Newbuilding Market

0

30

60

90

120

mil

lion

$

Tankers Newbuilding Prices (m$)

VLCC Suezmax Aframax LR1 MR

0

15

30

45

60m

illio

n $

Bulk Carriers Newbuilding Prices (m$)

Capesize Panamax Supramax Handysize

15/01/2021 08/01/2021 ±% 2019 2018 2017

Capesize 180k 47.0 47.0 0.0% 51 48 43

Kamsarmax 82k 26.0 26.0 0.0% 29 28 25

Ultramax 63k 23.0 23.0 0.0% 28 26 23

Handysize 38k 23.0 23.0 0.0% 23 23 20

VLCC 300k 86.0 86.0 0.0% 90 88 80

Suezmax 160k 56.5 56.5 0.0% 60 59 54

Aframax 115k 47.0 47.0 0.0% 49 47 44

MR 50k 33.5 33.5 0.0% 35 36 33

186.0 186.0 0.0% 186 181 186

71.0 71.0 0.0% 73 71 71

62.5 62.0 0.8% 65 63 64

40.5 40.0 1.3% 44 43 42

Vessel

Indicative Newbuilding Prices (million$)

Bu

lke

rsT

an

ke

rs

LNG 174k cbm

LGC LPG 80k cbm

MGC LPG 55k cbm

SGC LPG 25k cbm

Ga

s

Units Type Yard Delivery Buyer Price Comments

2 Tanker 300,000 dwtHyundai Samho, S.

Korea2022 Greek (Latsco) $ 91.0m

1 Tanker 156,500 dwt New Times, China 2022 Greek (Avin International) $ 52.0mdual fuelled (incl.

ammonia)

1 Tanker 50,000 dwtHyundai Vinashin,

Vietnam2022 Japanese $ 35.0m

5 Tanker 6,600 dwt

1 Tanker 9,000 dwt

2 Bulker 85,000 dwt DSIC, China 2023Chinese (Shandong

Shipping)undisclosed options declared

1 Bulker 82,000 dwt Chengxi, China 2022Chinese (Guangdong

Shipping)

around

$32.0m

RMB deal - no tax return

for yard

1+2 LNG 174,000 cbmHyundai Samho, S.

Korea2023 Russian (SCF) $ 182.90m against T/C to Total

2 VLGC 91,000 cbm DSME, S. Korea 2022-2023Bermuda registered

(Avance Gas)undisclosed dual fuelled

2+2 VLGC 93,000 cbm Jiangnan, China 2023 Chinese (Oriental Energy) $ 76.0m LPG fuelled

1+1 LPG 40,000 cbmHyundai Mipo, S.

Korea2023 U.K based (Union Maritime) $ 48.0m

conventionally fuelled,

option to dual fuelled

3 Container 1,091 teuTsuneishi Zhoushan,

China2022

Chinese (Taican Container

Lines)$ 20.0m

Newbuilding OrdersSize

elecrical propulsion

systems, StStWuhu, China 2022

Chinese (Dingheng

Shipping)

around

$100.0m

© Intermodal Research 19/01/2021 8

During the course of the past week, activity in the demolition market was slow; demo transactions were limited with the supply of candidates being at low numbers while scrap values witnessed discounts across all main demo destinations. Indeed, a moderate approach was adopted by cash buyers with Bangladeshi breakers reducing their offered bids by around $25/ldt. Indian cash buyers saw local steel plate prices losing ground last week; scrap prices remained at the lowest levels in the sub-continent region while no sales were reported last week. Pakistani breakers are still offering high bids, however, with supply at low levels, it was not a surprise to see limited activity in the region. Along the same lines, the Turkish market witnessed a slowdown with scrap prices losing some value. Average prices in the different markets this week for tankers ranged between 270-450/ldt and those for dry bulk units between $265-440/ldt.

The highest price amongst recently reported deals was paid by Bangladeshi breakers for the bulk carrier vessel “KT 02” (45,146dwt-8,035ldt-blt ‘98), which received $480/ldt.

Demolition Market

100

175

250

325

400

475

$/ld

t

Dry Bulk Demolition Prices Bangladesh India Pakistan Turkey

100

175

250

325

400

475

$/l

dt

Tanker Demolition Prices Bangladesh India Pakistan Turkey

15/01/2021 08/01/2021 ±% 2019 2018 2017

Bangladesh 450 465 -3.2% 410 442 376

India 430 440 -2.3% 400 438 374

Pakistan 440 450 -2.2% 395 437 379

Turkey 270 275 -1.8% 259 280 250

Bangladesh 440 465 -5.4% 400 431 358

India 420 430 -2.3% 390 428 354

Pakistan 430 440 -2.3% 385 427 358

Turkey 265 270 -1.9% 249 270 240

Indicative Demolition Prices ($/ldt) Markets

Ta

nk

er

Dry

Bu

lk

Name Size Ldt Built Yard Type $/ldt Breakers Comments

STELLAR PIONEER 298,624 46,048 1994HYUNDAI HI, S.

KoreaBC $ 430/Ldt Bangladeshi as-is Labuan

STELLAR TOPAZ 298,468 45,865 1994HYUNDAI HI, S.

KoreaBC $ 430/Ldt Bangladeshi as-is Labuan

KT 02 45,146 8,035 1998 HASHIHAMA, Japan BC $ 480/Ldt Bangladeshi

ANDA RAYA 49,016 7,925 1996 OSHIMA, Japan BC $ 445/Ldt Bangladeshi

KT 05 47,375 5,806 1998 HASHIHAMA, Japan BC $ 480/Ldt Bangladeshi

Demolition Sales

The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable on the date of this report, without making any warranties, express or implied, or representations regarding its accuracy or completeness. Whilst every reasonable care has been taken in the production of the above report, no liability can be accepted for any errors or omissions or for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing either in whole or in part is allowed, without the prior written authorization of Inter-modal Shipbrokers Co .

Written by Intermodal Research & Valuations Department | research@intermodal.gr

Mr. Yiannis Parganas | y.parganas@intermodal.gr

Ms. Tamara Apostolou | t.apostolou@intermodal.gr

15-Jan-21 8-Jan-21 Change %

Rotterdam 471.0 449.0 4.9%

Houston 486.0 477.0 1.9%

Singapore 482.0 466.0 3.4%

Rotterdam 332.0 327.0 1.5%

Houston 325.5 317.0 2.7%

Singapore 351.5 338.5 3.8%

Rotterdam 415.0 403.0 3.0%

Houston 421.0 405.5 3.8%

Singapore 452.0 435.0 3.9%VLS

FO

Bunker Prices

MG

O3

80

cst

Market News

“Diana Shipping sweetens tender offer amid higher share price

Diana Shipping has raised the price at which it has offered to buy back 6m shares as its stock trends upward on Wall Street.

The Simeon Palios-led bulker owner on 15 Decem-ber proposed repurchasing the common units at $2 each with cash from recent ship sales.

On Wednesday, New York-listed Diana increased the buyback price to $2.50 per share after its stock gained $0.55 since the day before the offer was made.

The closing price of Diana on Tuesday was $2.35 per share. This compared with $1.80 per share on 14 December.

As a result, the maximum amount of money that Diana is prepared to pay through the offer has in-creased to $15m from $10m.

The company has also extended the offer's expira-tion date to 27 January.

Diana's shares, which trade on the New York Stock Exchange under the ticker symbol DSX, have gained 2.6% to reach $2.41 each by mid-day on Wednes-day.

This amended offer marks...”(TradeWinds)

Commodities & Ship Finance

15-Jan-21 14-Jan-21 13-Jan-21 12-Jan-21 11-Jan-21W-O-W

Change %

10year US Bond 1.097 1.129 1.088 1.138 1.132 -0.7%

S&P 500 3,768.25 3,795.54 3,809.84 3,801.19 3,824.68 -1.5%

Nasdaq 12,998.50 13,112.64 13,128.95 13,072.43 13,036.43 -1.5%

Dow Jones 30,814.26 30,991.52 31,060.47 31,068.69 31,008.69 -0.9%

FTSE 100 6,735.71 6,801.96 6,745.52 6,754.11 6,798.48 -2.0%

FTSE All-Share UK 3,803.75 3,839.42 3,808.43 3,815.70 3,837.35 -2.0%

CAC40 5,611.69 5,681.14 5,662.67 5,650.97 5,662.43 -1.7%

Xetra Dax 13,787.73 13,988.70 13,939.71 13,925.06 13,936.66 -1.1%

Nikkei 28,519.18 28,519.18 28,698.26 28,456.59 28,164.34 1.3%

Hang Seng 28,496.86 28,496.86 28,235.60 28,276.75 27,908.22 3.4%

DJ US Maritime 184.15 190.52 187.73 192.49 185.04 -0.5%

€ / $ 1.21 1.22 1.22 1.22 1.22 -1.2%

£ / $ 1.36 1.37 1.36 1.37 1.35 0.1%

$ / ¥ 103.91 103.83 103.83 103.76 104.13 0.0%

$ / NoK 0.12 0.12 0.12 0.12 0.12 -1.5%

Yuan / $ 6.48 6.47 6.47 6.46 6.48 0.1%

Won / $ 1,104.26 1,095.91 1,098.11 1,094.48 1,097.45 1.0%

$ INDEX 90.77 90.24 90.36 90.09 90.46 0.7%

Market Data

Cu

rre

nci

es

Sto

ck E

xch

ange

Dat

a

1,600

2,100

15202530354045505560

goldoil

Basic Commodities Weekly Summary

Oil WTI $ Oil Brent $ Gold $

CompanyStock

ExchangeCurr. 15-Jan-21 08-Jan-21

W-O-W

Change %

CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.61 8.96 7.3%

COSTAMARE INC NYSE USD 8.96 8.77 2.2%

DANAOS CORPORATION NYSE USD 28.82 27.48 4.9%

DIANA SHIPPING NYSE USD 2.36 2.37 -0.4%

EAGLE BULK SHIPPING NASDAQ USD 22.77 20.99 8.5%

EUROSEAS LTD. NASDAQ USD 7.27 6.73 8.0%

GLOBUS MARITIME LIMITED NASDAQ USD 6.58 6.82 -3.5%

NAVIOS MARITIME ACQUISITIONS NYSE USD 3.86 3.47 11.2%

NAVIOS MARITIME HOLDINGS NYSE USD 3.59 2.93 22.5%

NAVIOS MARITIME PARTNERS LP NYSE USD 13.83 11.80 17.2%

SAFE BULKERS INC NYSE USD 1.82 1.74 4.6%

SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.81 0.62 30.6%

STAR BULK CARRIERS CORP NASDAQ USD 11.49 11.08 3.7%

STEALTHGAS INC NASDAQ USD 2.69 2.78 -3.2%

TSAKOS ENERGY NAVIGATION NYSE USD 8.84 8.94 -1.1%

TOP SHIPS INC NASDAQ USD 1.51 1.42 6.3%

Maritime Stock Data